Maize down‚ awaits US reports
Maize prices close the session lower due to some negative sentiment in the market.
Maize prices closed the Friday session lower due to some negative sentiment in the market. Prices were expected to increase in line with the Chicago Board of Trade (CBoT) prices but this wasn’t the case.
Markets worldwide are awaiting the US Department of Agriculture’s supply-and-demand reports due at 3pm local time on Friday.
Locally the white maize contract for March 2013 delivery dropped R13 to R2‚122 per ton and the white maize contract for July 2013 lost R12 to R1‚997 per ton.
The yellow maize contract for March 2013 delivery shed R26 to R2187 per ton and the July 2013 yellow maize contract dropped R31 to R2‚034 per ton. The wheat contract for March 2013‚ added R7 to R3‚475 per ton.
Meanwhile US corn futures closed higher on Thursday‚ their fourth straight day of gains‚ as traders continued to reduce risk ahead of Friday’s government crop reports.
Chicago Board of Trade March corn rose 4 1/2 cents‚ or 0.6%‚ to $6.98 3/4 a bushel.
Traders are preparing for the USDA’s release at noon EST on Friday of final estimates for the US corn and soybean harvests last year‚ the size of domestic grain inventories as of December 1‚ and forecasts for grain inventories this year.
Corn prices on Thursday also benefited from technical buying by chart-based traders‚ despite weak demand for physical supplies of the grain.
The March wheat contract ended down 1 cent‚ or 0.1% at $7.44 1/2 a bushel at CBOT.